Is it time to say goodbye to Rs 2,000 note?

It seems the government is fed up of the “pink note” exactly as Indians are warming up to its shocking pinkness. According to a report in The Statesman, “The central government is preparing to gradually phase out the new Rs 2,000 note. The government is also preparing to bring in laws to take penal action against hoarders of the new Rs 2,000 note, according to people in the know of the development.”
The report further adds: “The idea behind introduction of the high denomination Rs 2,000 currency was to quickly remonetise the economy with the value in circulation. There is a strong push for a clean economy, towards less-cash economy and putting an end to the parallel black economy.”

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The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing a press conference, in New Delhi on October 14, 2016.

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